Gaming firm Animoca Brands and Formula 1 owners Liberty Media are launching a new blockchain-based F1 racing game, titled F1 Delta Time.
The companies have entered into a global licensing agreement as F1 attempts to expand its audience and attract younger fans to the sport (via Forbes).
F1 Delta Time will include a collectible element using non-fungible tokens (NFTs) and a racing element based on the trading and acquisition of the NFTs.
All cars, drivers and components in the game are NFTs, each unique and owned by players who have permission to use, trade or sell.
NFTs have special race day attributes that increase the chances of winning races. They are produced in limited quantities, determined by how rare they are.
We partnered with @F1 to make the #blockchain game "F1 Delta Time"! Phased launch starts in May. Check out the announcement and images at https://t.co/Dbav7oK57R #f1 #blockchaingames #nft #racing pic.twitter.com/ra8epfryWr
— Animoca Brands (@animocabrands) March 26, 2019
Formula 1 has a worldwide audience of 1.6 billion TV viewers and 4.1 million race attendees.
Yat Siu, co-founder and chairman of Animoca Brands, said: “Securing a partnership to make blockchain games with Formula 1 – one of the most recognised brands in sport – is a notable achievement.
“We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”
Liberty Media has made its digital presence a priority since it acquired F1 in 2016, competing against other companies for millennials’ leisure time. It previously launched its own streaming service, F1 TV.
The company’s presentation to investors in November 2018 reveals that it views the brand as being currently under invested with significant potential: “Low capital intensity drives 97% free cash flow
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Last month, Dubai-based Emaar Group, a global property developer and provider of premium lifestyles, has announced plans to launch a blockchain digital currency.
The first phase of F1 Delta Time will go live on May 10.
Image: Animoca Brands